50% retracement of the range for the year comes in at 103.489
The USDJPY is trading to a new session low and in the process, has moved back below the 50% retracement of the 2021 trading range at 103.489. The pair is also dipping below the low from yesterday (and trading to the lowest level since January 7) at 103.44.
Sellers are making a play.
Can they keep the selling pressure on and push toward the 61.8% retracement at 103.276? Stay below 103.50 keeps them in firm control now.
Yesterday, the price of the USDJPY fell below a upward sloping trendline and 38.2% retracement near the 103.702 level. The tumbled lower cracked below the 50% retracement only to rebound quickly higher. However, the move to the upside was limited, and selling pressure has restarted over the last 4 or so hours.
The Bank of Japan did raise some estimates for growth going forward but inflation
remains below the 2.0% level, and risks from the pandemic are elevated.
